Goldman Sachs: Spotify Target Price $645 as AI Premium Subscription Drives ARPU
Source：
www.techflowpost.com
Goldman Sachs assesses that Spotify's monetization strategy has entered its third phase, shifting from pure price increases to a value-added subscription ecosystem, with products such as audiobooks, AI mixing, and personalized podcasts unlocking long-term upside for ARPU. Data from Sensor Tower shows Spotify's DAU-to-MAU ratio stood at 0.54 in Q3, the highest among audio streaming peers, supporting pricing power. The firm maintains a Buy rating, lowering its price target from $655 to $645.
